Renasant Bank Has $1.94 Million Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Renasant Bank lowered its stake in Salesforce, Inc. (NYSE:CRM) by 13.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 5,812 shares of the CRM provider’s stock after selling 874 shares during the period. Salesforce comprises approximately 1.3% of Renasant Bank’s investment portfolio, making the stock its 17th biggest position. Renasant Bank’s holdings in Salesforce were worth $1,943,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in shares of Salesforce in the fourth quarter valued at approximately $1,173,564,000. Jennison Associates LLC lifted its position in shares of Salesforce by 52.7% during the 4th quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock valued at $1,482,347,000 after acquiring an additional 1,530,572 shares during the period. Swedbank AB grew its holdings in shares of Salesforce by 46.7% during the 4th quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock worth $1,280,408,000 after purchasing an additional 1,219,254 shares in the last quarter. KBC Group NV increased its position in shares of Salesforce by 171.2% in the third quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock worth $447,470,000 after purchasing an additional 1,032,068 shares during the period. Finally, Proficio Capital Partners LLC raised its stake in Salesforce by 56,872.2% in the fourth quarter. Proficio Capital Partners LLC now owns 933,204 shares of the CRM provider’s stock valued at $311,998,000 after purchasing an additional 931,566 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Oppenheimer reduced their price objective on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Barclays increased their price target on shares of Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group cut their target price on Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. JPMorgan Chase & Co. boosted their target price on Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Finally, Needham & Company LLC restated a “buy” rating and issued a $400.00 price target on shares of Salesforce in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus target price of $365.62.

Salesforce Stock Performance

Shares of CRM stock opened at $270.94 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The firm has a 50 day moving average of $319.09 and a 200-day moving average of $308.60. The company has a market cap of $260.37 billion, a price-to-earnings ratio of 44.56, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

Insiders Place Their Bets

In other Salesforce news, CAO Sundeep G. Reddy sold 436 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of the sale, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 317,105 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total value of $109,965,671.90. Following the completion of the transaction, the chief executive officer now owns 12,162,457 shares in the company, valued at approximately $4,217,696,838.46. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,108,793 shares of company stock worth $383,156,227. 3.20% of the stock is currently owned by company insiders.

About Salesforce

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.